By Joanna Wypior

PayPal spokesperson Sara Bettencourt explains that the added security measure will help enhance user protection, although it is “by no means a silver bullet that is going to stop fraud.” The introduction of the new security system by PayPal highlights the growing concern about data-phishing scams that have surfaced as a problem for PayPal users.

Online payment service PayPal is preparing to offer its users a new security weapon to help ward off data thieves and phishing scams with a password-generated key fob.
Aimed at protecting consumers and members from fraud, the two-factor authentication tool will display a new one-time password in the form of a six-digit code every 30 seconds. Users will enter their password along with their usual credentials when signing on.

This type of security is already common in many financial firms for high net worth clients throughout the United States.

Using VeriSign technology, the device will be free for eBay customers with a business account, but will cost approximately $5 for personal PayPal account holders. If the key is lost or unavailable, users will still be able to login, but only once they have verified their account.

Another Layer of Protection

OSA Editorial Comments:We have to be totally aware of what’s going on in the online world, and just how careful you have to be everyday protecting your ID from being stolen by cyber criminals! The easiest way for them to do this is by accessing your personal information from payment processors and / or your credit card providers either way you need to watch all incoming mail for this type of phishing scam and what online crooks are up too, find out how to keep your ID safe. 

Your Online Security Authority
Bill Wardell

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